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FameEX Hot Topics | French Regulatory Changes Align with EU's MiCA Law for Cryptocurrencies

2023-08-14 17:10:35

France's financial market regulator, the Autorité des Marchés Financiers (AMF), is revising its regulations to align with Europe's newly established crypto regulatory framework. These adjustments, effective from next year, aim to strengthen registration standards for crypto-related businesses offering specific digital asset services like custody and trading.

The AMF's changes come in response to the DDADUE law, enabling the French government to adopt European Union directives, including those outlined in the Markets in Crypto Assets (MiCA) legislation. This law introduced an "enhanced" registration regime, mandatory from January 1, 2024, for entities providing certain digital asset services such as custody, fiat-to-crypto and crypto-to-crypto trading.

The AMF's amendments are designed to integrate these new provisions into its General Regulation and policies, particularly focusing on digital asset service providers (DASPs) subject to "enhanced" registration. The goal is to harmonize the requirements for DASPs in France with those necessary for obtaining EU authorization for crypto asset service providers (CASPs) under MiCA.

Enhanced DASP registration mandates several criteria for crypto companies. These include implementing robust security and internal control systems, establishing procedures for conflict of interest management, providing accurate and transparent information, and maintaining publicly available pricing policies.

France's relatively clear crypto regulatory environment has attracted numerous crypto firms, including major players like Binance, as well as institutional entities aiming to provide digital asset services to clients. AMF Secretary General Benoît de Juvigny indicated that both French and European regulatory structures are open to American players interested in participating, offering a welcoming atmosphere for those seeking to benefit from these frameworks.

In conclusion, France's financial market regulator, the AMF, is adjusting its regulations in line with Europe's evolving crypto regulatory landscape. The changes, effective from next year, enhance registration requirements for crypto companies offering specific digital asset services. These amendments align with the DDADUE law, which incorporates MiCA legislation and introduces an "enhanced" registration regime. The revisions intend to bring French DASPs in line with EU standards and include criteria like security systems, conflict of interest management, accurate information provision, and transparent pricing policies. The clear regulatory environment in France has attracted notable players, and the nation is open to American involvement in both its regime and potential European arrangements.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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